Money transfer, virtual currency, or money service -- Money was not available when promised -- Complaint #8366420
Complaint Overview
Complaint ID: 8366420
Company: Paypal Holdings, INC
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Money was not available when promised
State: Michigan
ZIP Code: 48124
Date Received: 2024-02-17T12:00:00-05:00
Date Sent to Company: 2024-02-17T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Paypal advertises a XXXX transfer limit on cryptocurrencies to external wallets. In practice, they are limiting this amount by an unknown and arbitrary number unless customers elect to pay them extra money to convert their cryptocurrency into USD. This amount decreased with each transfer attempt so without knowing the limit a customer can not accurately guess what it is. Called about this issue and customer service suggested I wait 3 days for the system to reset to attempt again with no guarantee of success of transfer or pay Paypal to convert the cryptocurrency to USD. This is false advertising and unlawfully restricting customers from their funds en masse.
Frequently Asked Questions
What is Complaint #8366420 about?
Complaint #8366420 was filed against Paypal Holdings, INC regarding Money transfer, virtual currency, or money service specifically about Money was not available when promised. It was received by the CFPB on 2024-02-17T12:00:00-05:00.
How did Paypal Holdings, INC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Paypal Holdings, INC?
Yes, visit the Paypal Holdings, INC company profile at readthecomplaint.com/company/paypal-holdings-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.